Interest-only mortgages have been around for decades, but for the most part they weren’t attractive to the masses. Typical borrowers were often affluent Download the SoFi Guide to First Time Home Buying to get valuable tips on these topics and more.
Interest Sofi Mortgage Only – unitedcuonline.com – Non-Owner Occupied Purchase or Refinance, Interest Only Available during fixed period, Credit Score to 680, Max LTV 75%, Max. 4 SoFi’s interest-only loan is a 30-year, 5/1 ARM loan. During the first 10 interest-only years, the minimum monthly payment required is the interest on the loan.
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3 SoFi’s interest-only loan is a 30-year, 5/1 ARM loan. During the first 10 interest-only years, the minimum monthly payment required is the interest on the loan. Paying the minimum payment during the interest-only period will not reduce the principal loan balance.
Licensed by the Department of Business Oversight under the california financing law license No. 6054612. sofi loans are originated by SoFi Lending Corp., NMLS # 1121636. (www.nmlsconsumeraccess.org) To check the rates and terms you qualify for, SoFi conducts a soft credit pull that will not affect your credit score.
· SoFi Mortgage Products. SoFi Mortgage offers all of the mainstream lending products you’d expect at a typical lender. They offer 15 and 30 year fixed rate mortgages. They also offer 5/1 and 7/1 ARMs. They also have options for 10% down with no borrower PMI (private mortgage insurance).
The interest-only period typically only lasts for the first 5-10 years of the loan, at which point your monthly mortgage payments can jump to possibly unmanageable levels. You actually get hit twice . Put as little as 15% down with SoFi’s interest-only mortgages, with loan amounts up to $3 million. No mortgage insurance or origination fees.
There’s also no prepayment penalty on SoFi mortgages so you can pay the loan off early to save on interest. The interest-only period typically only lasts for the first 5-10 years of the loan, at which point your monthly mortgage payments can jump to possibly unmanageable levels. You actually get hit twice .
SoFi was founded in 2011, right at the start of the new housing boom, and by 2014, they started making jumbo mortgage loans for only 10 percent down. especially at the high end. As interest rates.